Luminor Bank grants €1.35 million in financing to X Group for the acquisition of production equipment

Luminor Bank has granted €1.35 million in financing to the metal processing company X Group. The credit line and long-term loan will be used for the acquisition of new production equipment, as well as to support working capital, in order to increase production capacity of metal structures and reinforcement elements and strengthen the company’s position in the Baltic and Scandinavian markets.

X Group specializes in the production of metal structures and reinforcement elements, offering a full-cycle production process – from reinforcement mesh and bent components to complex non-standard structures. In 2025, the company primarily supplied its products to partners in Latvia, participating in several projects of national significance, including the development of the Valmiera Industrial Park and Rail Baltica, as well as providing components for the infrastructure of the State Fire and Rescue Service of Latvia and the National Armed Forces. At the same time, the company has also become involved in wind energy projects.

“X Group is an excellent example of how a relatively new company with strong management experience can successfully expand its market presence, increasing its turnover to €16 million in four years. Our financing is a targeted investment in efficiency – the acquisition of new equipment will not only automate processes but also make the company more resilient to global raw material price fluctuations. By supporting manufacturers focused on digital solutions and export capacity, we are strengthening the backbone of Latvia’s industrial sector,” says Ilze Zoltnere, Head of Corporate at Luminor Bank in Latvia.

The financing will also be used to procure raw materials in larger volumes from partners in Lithuania and Poland, securing more favorable prices and ensuring stable cash flow during the implementation of large-scale projects, such as Rail Baltica airport and railway infrastructure.

“Investments in new equipment are a natural continuation of our growth to date and the expansion of our production facilities in Riga. With the bank’s financing, we will acquire modern equipment for forming, cutting and processing metal rods, enabling us to significantly increase production volumes, accelerate processes and reduce error rates. At the same time, these investments will help optimise energy consumption, reduce labor costs per tonne of output and further advance the digitisation of production processes. Metal processing in Latvia is a promising sector with strong export potential, and new technologies will make our operations more efficient and competitive in Scandinavian markets. Thanks to Luminor Bank’s support, we can not only increase production volumes but also ensure the high level of precision and quality required by our clients in the national defence and energy sectors,” says Jevgenijs Duboiskis, Member of the Management Board of X Group.

X Group continues its active development, focusing on specialized solutions and long-term partnerships, and expects moderate but stable growth in 2026.

About X Group

X Group is a metal processing company founded in 2021 that manufactures a wide range of metal structures and reinforcement elements for both the local market and export. Through modern infrastructure and targeted investments in technology, the company has become a key partner in some of Latvia’s largest infrastructure and construction projects, reaching a turnover of €16 million in 2025.

By Luminor

Luminor is one of the leading independent banks in the Baltic States and the third-largest financial services provider in the region. The bank provides financial services to individuals, families and businesses. Like the markets in Estonia, Latvia and Lithuania, Luminor is young, dynamic and forward-looking.